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S&P downgrades Virtus Investment Partners

S&P Global Ratings has downgraded its issuer credit rating on Virtus Investment Partners Inc. to BB from BB+.

The downgrade reflects S&P's expectation for Virtus' credit metrics to weaken following its proposed debt offering and acquisition of a 70% stake in Sustainable Growth Advisers LP.

The outlook is stable, reflecting S&P's expectation for EBITDA to increase significantly into 2018 as the company experiences the benefit of a full year of RidgeWorth's performance, closes on its acquisition of Sustainable Growth Advisors, incurs less transaction and integration fees and shows modest growth due to market appreciation. It also reflects the rating agency's expectation that the company will maintain leverage close to 2x in 2018.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.